The Orchard Wins Bankruptcy Auction for TVT Records

The Orchard today announced acquisition plans as a result of winning the bankruptcy auction for TVT Records:

"Under the terms of its bid, The Orchard would assume control of TVT's catalogue of recorded masters, artist contracts and physical record distribution infrastructure, among other assets, but excluding its holdings in its music publishing subsidiary."

"The acquisition is expected to close on or before July 3rd, 2008, although there can be no assurances that the transaction will close as it is subject to court approval, customary closing conditions and finalization of the purchase agreement between the parties."

Current TVT Records President Steve Gottlieb says he will be focusing on TVT Music, the unacquired "music publishing subsidiary", and "following on with my consulting and co-investing with VC's in early stage internet ventures".

Related ProHipHop Coverage:
TVT Records Bankruptcy: NY Times Bits, Trent Reznor Happy, Full Story Unlikely To Emerge
TVT Records Bankruptcy: Steve Gottlieb Talks to Billboard
TVT Records Filing for Bankruptcy, Fired Most Employees